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Japan’s two biggest brokerages said the dollar will rebound against the yen and euro by year’s end as economic conditions in Japan and Europe deteriorate and U.S. interest-rate cuts near an end.

The European Central Bank will be forced to lower borrowing costs in the second half as growth in the region slows, according to Daiwa Securities SMBC Co. Yen-buying isn’t “sustainable” because the Japanese economy will cool and interest rates abroad are more attractive, Nomura Securities Co. said.

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